India gold back to Rs 28,000-mark

Gold on MCX again seen rising on Friday close to its Rs 28,000-mark, snapping a losing streak as the domestic currency strengthened against a dollar.

The most-active gold for December delivery contract opened high at Rs 27,922 per 10 grams, touched highs of Rs 27,998 per 10 grams and was seen trading in the range of Rs 27,952 – Rs 27,954 per 10 grams at 11:05 am IST.

While the metal for February contract delivery was seen trading above Rs 28,000 per 10 grams, in the range of Rs 28,261 – 28,265 per 10 grams.

Domestic stock market seen rising on Friday tailing its Asian peers, following which rupee went up against a greenback.

Stronger rupee also attracted physical buyers in cue, as when dollar goes down, it becomes inexpensive for dealers to build up stocks of gold as the landed cost of yellow metal comes down.

Physical buying is also strong due to ongoing wedding season, as November-December marks for the most auspicious month for weddings.

Overseas gold prices seem to be in the range of US $1,762 - $1,763 an ounce. While on domestic front, 24-carat gold was seen at around Rs 28,030 per 10 grams and 22-carat gold at Rs 26,210 per 10 grams.